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S&P 500 Falls to 3-Month Low Amid Concern About Greece
By Rita Nazareth - May 14, 2012 4:00 PM ET
U.S. stocks declined, sending the Standard & Poor’s 500 Index to the lowest level since February, as Greece struggled to form a new government amid growing speculation the nation may leave the euro region.
The S&P 500 slid 1.1 percent to 1,338.36 at 4 p.m. New York time, according to preliminary closing data.
Specialist Peter Giacchi, center, calls out prices on the floor of the New York Stock Exchange on May 11, 2012. Photographer: Richard Drew/AP Photo
May 14 (Bloomberg) -- Barry Knapp, head of equity strategy at Barclays Capital, talks about the outlook for U.S. markets and economy. He speaks with Scarlet Fu on Bloomberg Television's "InsideTrack." (Source: Bloomberg)
May 14 (Bloomberg) -- U.S. futures point to a lower open after a tough week in the U.S. with the Dow Jones seeing its biggest loss of 2012. (Source: Bloomberg)
“The fear factor is definitely higher,” (FEAR FACTOR COMPOUNDED) said Madelynn Matlock, who helps oversee about $14.7 billion at Huntington Asset Advisors in Cincinnati. “The whole European political situation is really the focus at this point. Nobody really knows what’s going to happen next and the market hates uncertainty more than anything.”
Global stocks fell as Greece’s political deadlock went into a second week after President Karolos Papoulias failed to secure agreement on a unity government and avert new elections with the country heading toward a possible exit from the euro area. Alexis Tsipras, leader of Greece’s Syriza party, said Europemust reexamine its policy of austerity and that his party wants Greece to stay in the euro.
Concern about Europe’s crisis grew as the cost of insuring against a Spanish default jumped to an all-time high. Chancellor Angela Merkel’s party was defeated in Germany’s most populous state in an election that helped the Social Democrats tighten their grip on the country’s regional governments. The result may embolden the Social Democrats as they align with French President-elect Francois Hollande in an anti-austerity front.
‘Game of Chicken’ (NOT FUN GAME Jesus Christ PICK A NEW ONE)
“We certainly have a lot to worry about,” said John Manley, chief equity strategist for Wells Fargo Advantage Funds in New York. His firm oversees $207 billion. “The odds of Greece leaving the euro are higher. It’s an enormous game of chicken that they are playing with each other. To the degree it does represent the democratic process in Greece, it makes it more likely they default and the Europeans have to do something.”
Facebook Inc. (FB) plans to stop taking orders for its initial public offering tomorrow, two days ahead of schedule, according to a person with knowledge of the transaction.
Facebook will likely finish taking orders for the IPO after U.S. markets close May 15, said the person, who declined to be identified as the plans are private. The offer of 337.4 million shares at $28 to $35 each has been oversubscribed, people with knowledge of the matter said. Jonathan Thaw, a spokesman for Facebook, declined to comment.
Dear Greece,
 |
| SEE? A FUN GAME |
Go F yourself. WE the people are OVER IT. And say Fuck This SHIT. We don't want to play nice no more. We're getting guns ready and cannons stocked. Soooooo, what I recommend, is try a new fucking game already PLEASE. Like Hop Scotch. A FUN GAME.
You SEE? Fun compounded. 
LOOK! GREECE! FUN! HOPSCOTCH!
Game of chicken SUCK! Soooooo 2011. Hopscotch = 2012
Sincerely,
The United States of the WORLD xoxo
PS. NO MORE MR. Nice Guy should you not comply
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